British Virgin Islands Risks Losing Autonomy After Premier’s Drug Bust
(Bloomberg) -- The day after British Virgin Islands Premier Andrew Fahie was arrested in Miami on drug charges, U.K. officials announced a proposal to strip local authorities of their power for two years.
BVI Governor John Rankin, the Queen's representative to the territory, said in a speech Friday that a “Commission of Inquiry” had concluded that corruption, abuse of office and other “serious dishonesty” may have taken place in recent years.
Read More: British Virgin Islands Premier Arrested on U.S. Drug Charges
“Unless the most urgent and drastic steps are taken, the current situation with elected officials deliberately ignoring the tenets of good governance will go on indefinitely,” Rankin said. “The people of the BVI deserve better.”
If the recommendations are approved, the BVI's House of Assembly and local ministries would be dissolved and the governor, an appointed official, would lead the Caribbean territory of 30,000 people for two years.
The corruption probe began in 2021 and was unrelated to the drug trafficking allegations, Rankin said. The commission was originally scheduled to release its recommendations in June, but expedited the process after Fahie's detention.
Fahie was arrested on Thursday in a sting at Miami-Opa Locka Executive Airport after exiting a plane containing $700,000 in cash, according to a U.S. criminal complaint. Among the allegations is that he conspired to ship thousands of kilos of cocaine to the U.S. hidden inside paint cans.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.